海峡两岸多层次资本市场比较及合作路径探析

经过50多年的发展，台湾地区形成了由“集中交易市场一上柜市场一兴柜市场”构成的多层次资本市场，有效促进了台湾地区金融资源的配置。经过20多年的发展，大陆业已具备了多层次资本市场的雏形，但同台湾相比，大陆资本市场层次性不够清晰、不同层次资本市场间升降转板机制尚未形成、场外市场发展相对滞后。由于两岸多层次资本市场的优势存在较大差异并有明显的互补性，两岸可以通过合作达成优势互补、获得双赢。两岸多层次资本市场在主板市场、场外市场、升降转板、资本监管等领域存在很大合作空间。

On Comparison of the Multi-level Capital Market and Its Path of Cooperation

Taiwan has formed a multi-level capital market composed of ＂the centralized trading market, over-the-counter market and the emerging market after 50 years of development, which has helped promote the configuration efficiency of its fi- nancial resources. Mainland China has taken the embryonic form of the multi-level capital market after 20 years of develop- ment, but compared with Taiwan its capital market level still remains unclear as different levels of its market between the trans- fer plate mechanisms have not yet formed and the development of its OTC market is relatively lagging behind. As a result of the differences and the obvious complementarity in the multi-level capital market between the two sides of the Strait, both can a- chieve complementary advantages and win-win results through cooperation. In fact, there is a big space in many fields for both sides to cooperate each other including the motherboard market, OTC market, the transfer plate mechanism and the capital su- pervision.